I just got off the phone with my brother, a small business owner in NYC.
We talked about my husband's difficulty finding a job, and that I felt that a lot of the companies my husband is discussing working for are holding off on making decisions about investing time and money in the US (they're European) until they see who is going to be president.
My brother indicated that both candidates "suck" and he hates both of them.
I said, "Great. Stay home"
He said, "Oh, I'm not staying home, I'm voting against that socialist pig."
So assuming he's just spewing Republican talking points, I remind him who's been in charge of the economy. He says he is not interested in arguing with me and is convinced that Obama will "kill the economy." More specifically, he will "kill small businesses."
I am kind of interested in what he says here as most of my family members are small business owners. He goes on to say that Obama doesn't understand the concept of an LLC. He says, "It looks like you make 250k a year but you don't take that home. You're taxed on it anyway. A lot of people I've talked to have said that they plan on going to a cash only model if Obama gets elected. He will absolutely destroy small business."
So, Kossacks, is this true? Is my brother going to be taxed at the 250k level even though his income is much lower than that? Does this have merit?